Record revenue and cash as Porvair fortunes rocket
Norfolk filtration and environmental technology business Porvair has posted record revenue and profits for the year to November 30, which triggered a 15p rise in its UK share price.
The King’s Lynn company believes the future looks equally promising as acquisitions continue to bear financial fruit and its technology proposition is further extended.
Revenue hit a record £128.8 million – up 11 per cent year-on-year – will pre-tax profit was up to £12m from £11.7m.
Chief executive Ben Stocks, said: “The group has started 2019 with a healthy order book and is trading well. The acquisitions made during the year have expanded the group's capabilities in industrial and laboratory markets and are performing as expected. Porvair remains in a strong financial position.”
He said demand across the group's three divisions was generally robust, notably so in US industrial, nuclear, laboratory consumables, aluminium and specialist metal filtration.
Porvair focuses on three operating segments – Aerospace & Industrial; Laboratory; and Metal Melt Quality. All have clear structural growth drivers. Its geographic presence follows the markets it serves: 52 per cent of revenue is in the Americas; 19 per cent in Asia; 15 per cent in the EU and 13 per cent in the UK.
The group has plants in the US, UK, Germany, Netherlands and China. In 2018, 57 per cent of revenue was manufactured in the US, 30 per cent in the UK, nine per cent in Continental Europe and four per cent in China. Global facilities have been consistently upgraded and new product development remains a priority.